Free Press puts downtown real estate on market

Developers' proposals sought; printing press area won't be sold

Oct. 19, 2012

Written by

Dan D’Ambrosio

Free Press Staff Writer

The Burlington Free Press is selling seven of the 12 buildings it owns in downtown Burlington, but plans to remain as a tenant.

“The Free Press is committed to supporting the vibrant Burlington community and all of the Vermont communities we serve every day,” President and Publisher Jim Fogler said Thursday in a prepared statement. “We plan to stay in downtown Burlington and lease some of the office space.”

The seven buildings on College Street that will be offered for sale total about 55,700 square feet, but the newspaper’s Information Center and business operations require only about 10,000 square feet.

“So, we have about 45,000 square feet of space we’re not using,” Fogler said in a subsequent interview, adding, “we’ve been talking about it for awhile because of the unused space. We’re just not in the real estate business.”

The Free Press will retain ownership of the five buildings on South Winooski Avenue that house the paper’s mailroom and printing press, which underwent a $2.4 million improvement project earlier this year.

Burlington Mayor Miro Weinberger said the sale is an “exciting opportunity” for someone to develop prime real estate right off the Church Street Marketplace.

“It’s very much in line with the goals of Plan BTV to expand retail opportunities off Church Street and increase housing opportunities,” he said.

Plan BTV is a master plan for downtown and the waterfront that has been working its way toward approval. Weinberger said he hoped to have the plan approved by the City Council and Planning Commission by spring.

The Free Press will work with V/T Commercial on the sale.

“Potential investors and developers have a great opportunity to re-develop this property with new purpose and to create a new state-of-the-art home for Free Press employees,” Bill Kiendl, partner at V/T Commercial, said in a news release.

V/T Commercial has put out a request for proposals, with a deadline of Jan. 2.

The total assessed value for the buildings and land being put up for sale is $3.3 million.